[WSBARP] those dang worthless mineral rights

[Kate Love]

Okay, Thank you for the replies!  Kate


From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Kokie Adams
Sent: Friday, April 30, 2021 4:16 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] those dang worthless mineral rights

I agree with Geoff.  I had a probate many years ago with "worthless mineral rights" - one heir reluctantly accepted them as part of his share of the Estate. . . he now receives annual royalty payments that allowed him to semi-retire.


Kokie Adams


From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of G. Geoffrey Gibbs
Sent: Friday, April 30, 2021 2:56 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] those dang worthless mineral rights

Depending on where the property is located, the mineral rights might be far from worthless.  The Bakken region (Bakken Shale Play region) includes much of Eastern Montana and Western North Dakota.   I would suggest that prudence requires a little more digging (pun intended).
________________________________
From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> on behalf of Kate Love <KateL at law-hawks.com<mailto:KateL at law-hawks.com>>
Sent: Friday, April 30, 2021 2:09 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [WSBARP] those dang worthless mineral rights


Hello Listmates:



I have a one of those worthless-right-now mineral rights issues right now and am seeking the collective brainpower:



Decedent left an (unfunded) trust and standard pour over will, client is the trustee (and nominated PR)



the estate has various assets worth less than $100K, but also mineral rights in Montana that we have been told are probably virtually worthless.   We have a few emails from Decedent that she wanted to leave the mineral rights to a minor niece but never followed through with it.



We've gotten the other assets in the Trust account via an SEA, but of course the dang mineral rights cannot be claimed by an SEA.  The client only wants to cover his behind re the mineral rights.  We could appraise and sell the rights, but that would require opening probate and paying for appraisal, sale & transfer just for that - just $$ down the drain on a worthless asset.



Oh, and there are about 20 beneficiaries including a few minor children, so getting adequate disclaimers seems a bit of a dodgy strategy...



Any suggestions ?  What am I overlooking ?  thanks!  Kate







Kate F. Love

WSBA No. 51314





Hawkes Law Firm P.S.

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